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Benzinga
Benzinga
Business
Akanksha Bakshi

Wells Fargo Bumps Up Crown Holdings Price Target By 15%

  • Wells Fargo analyst Gabe Hajde raised the price target on Crown Holdings, Inc. (NYSE:CCK) to $152 (an upside of 26.6%) from $132 while maintaining an Overweight rating on the shares.
  • The analyst believes that CCK will outperform in 2022, driven by strong operating leverage in the global beverage can operations and potential for better-than-expected profitability in Transit Packaging.
  • Domestically, beverage can demand is projected to outstrip supply through 2023. Accordingly, Hajde expects significant year-over-year income gains for CCK's global beverage can operations over the foreseeable future.
  • The analyst believes CCK's 2022 guidance will be attainable (directionally) despite inflationary and foreign exchange headwinds.
  • The analyst cautions that the recent pace/magnitude of inflation has stressed many aspects of pass-thru language, requiring non-contract price adjustments, surcharges, and other efforts to mitigate the financial impact of higher-priced inputs.
  • Price Action: CCK shares are trading higher by 1.27% at $120.13 on the last check Wednesday.
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